A dramatic drop in recruitment advertising has resulted in the members magazine of the Law Society of Scotland reporting a loss of just over £150,000.
But both the Society – plus its contracted publisher, Paisley-based Connect Communications – say they are hopeful of an upturn in revenue.
The loss of £154,683 – from November 2009 to October 2010 – contrasts with consistent profits during the previous six years, including £178,902 in 2007/08. Recruitment advertising revenue during 2009/10 fell by 62 per cent. The loss was reported by The Firm law magazine.
The £150,000 loss appears in the Society's annual accounts, which are to be presented to Society members at its AGM next month.
The Journal is published monthly, is 68 pages, perfect bound, and goes to over 10,500 members of the Law Society of Scotland.
A spokesperson for the Law Society of Scotland told allmediascotland.com: “The Journal and its online version play an important role in the Society’s communications with its members and all for a cost of only £1.22 per issue per member. The Journal is a key service to members in keeping them up to date with law and practice developments. We know the magazine is well read and much valued by members. In fact, our last members’ survey showed that 84 per cent rated the Journal as good or excellent.
“The Society and Connect have worked closely together throughout the recession to reduce costs and increase revenue in new areas through content development with the likes of sponsored surveys, professional panels and the relaunch of a new jobs site at Lawscotjobs.co.uk next month.”
The current contract between the Society and Connect is due for renewal in 12 months' time.